Crude Oil outside the sideways range – Analysis - 05/03/2015

Crude oil price traded with strong positivity yesterday’s evening to breach the sideways range’s resistance that appears in the above chart, opening the way for providing positive trading on the intraday basis, where we wait for testing 54.45 level in the upcoming period.

The EMA50 supports oil price from below, reinforcing the upside track expectations, but we should be aware that breaking 51.20 level and holding below it will turn the price back to the sideways track again, and it might heads to visit the support of this range at 48.65 initially.

Expected trading range for today is between 50.00 support and 54.00 resistance.

Expected trend for today: Bullish